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Tembo Gold Corp Enters Subscription Agreement With Investor Group


Monday, 28 Oct 2013 02:16pm EDT 

Tembo Gold Corp. announced that it has entered into a subscription agreement (Subscription Agreement) with NAMF II (Mauritius) Limited, NAMF II South African Partnership (together "NAMF"), Stratex Gold A.G. ("Stratex") and Concept Capital Management Limited ("CCM") (collectively, the "Investor Group"). The Subscription Agreement provides for the Investor Group to subscribe for up to 44,380,000 subscription receipts (the "Subscription Receipts") at a price per Subscription Receipt of CAD0.15 for gross proceeds of up to CAD6.657 million to the Company. The Subscription Agreement sets forth certain rights of the Investor Group in connection with their security holdings in the Company, including that the Company shall fulfill certain reporting requirements to the Investor Group and the Investor Group members will each be granted a right to maintain their pro rata interest in the Company following the conversion of their Subscription Receipts, subject to maintaining a minimum 5% equity interest in the Company. In addition, the Subscription Agreement provides that the board of directors of the Company will be reconstituted with a majority of directors comprised of nominees of the Investor Group. 

Company Quote

0.03
-0.0050 -14.29%
12:18pm EDT